Teradyne (TER)
Market Price (2/5/2026): $272.99 | Market Cap: $43.3 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
Teradyne (TER)
Market Price (2/5/2026): $272.99Market Cap: $43.3 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% | Trading close to highsDist 52W High is -4.9%, Dist 3Y High is -4.9% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 81x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 63x, P/EPrice/Earnings or Price/(Net Income) is 96x |
| Megatrend and thematic driversMegatrends include Automation & Robotics, and Artificial Intelligence. Themes include Industrial Robotics, Factory Automation, Show more. | Stock price has recently run up significantly6M Rtn6 month market price return is 157%, 12M Rtn12 month market price return is 142% | |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.3% | ||
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 92% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9% | ||
| Key risksTER key risks include [1] persistent weakness in its Robotics segment and [2] significant customer concentration. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, and Artificial Intelligence. Themes include Industrial Robotics, Factory Automation, Show more. |
| Trading close to highsDist 52W High is -4.9%, Dist 3Y High is -4.9% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 81x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 63x, P/EPrice/Earnings or Price/(Net Income) is 96x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 157%, 12M Rtn12 month market price return is 142% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.3% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 92% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9% |
| Key risksTER key risks include [1] persistent weakness in its Robotics segment and [2] significant customer concentration. |
Qualitative Assessment
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Teradyne (TER) stock has gained about 50% since 10/31/2025 because of the following key factors:
1. Exceptional Q4 2025 Earnings and Strong Q1 2026 Guidance.
Teradyne reported robust financial results for the fourth quarter of 2025, with non-GAAP earnings per share (EPS) of $1.80, significantly exceeding the Zacks Consensus Estimate of $1.36 by over 32%. The company's revenue for the quarter reached $1.08 billion, surpassing analyst expectations by 11.82% and marking a 43.7% increase year over year. This strong performance extended to its outlook, as Teradyne provided optimistic guidance for Q1 2026, forecasting revenues between $1.15 billion and $1.25 billion and adjusted EPS of $1.89 to $2.25, both well above consensus estimates. This marked the fourth consecutive quarter that Teradyne surpassed both its earnings and revenue forecasts, signaling sustained operational strength and a positive trajectory.
2. Surging Demand from AI-Related Applications.
A primary catalyst for Teradyne's impressive growth was the "unprecedented demand for AI compute and memory testing solutions" within its Semiconductor Test business. AI-driven applications now constitute over 60% of the company's total revenue. Specifically, the Semiconductor Test segment contributed $883 million to Q4 revenue, fueled by the rising need for testing in areas like High Bandwidth Memory (HBM) and custom ASICs from hyperscalers. Management anticipates this AI-driven momentum to continue, projecting that more than 70% of its Q1 2026 revenue will be related to AI demand.
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1. Exceptional Q4 2025 Earnings and Strong Q1 2026 Guidance.
Teradyne reported robust financial results for the fourth quarter of 2025, with non-GAAP earnings per share (EPS) of $1.80, significantly exceeding the Zacks Consensus Estimate of $1.36 by over 32%. The company's revenue for the quarter reached $1.08 billion, surpassing analyst expectations by 11.82% and marking a 43.7% increase year over year. This strong performance extended to its outlook, as Teradyne provided optimistic guidance for Q1 2026, forecasting revenues between $1.15 billion and $1.25 billion and adjusted EPS of $1.89 to $2.25, both well above consensus estimates. This marked the fourth consecutive quarter that Teradyne surpassed both its earnings and revenue forecasts, signaling sustained operational strength and a positive trajectory.
2. Surging Demand from AI-Related Applications.
A primary catalyst for Teradyne's impressive growth was the "unprecedented demand for AI compute and memory testing solutions" within its Semiconductor Test business. AI-driven applications now constitute over 60% of the company's total revenue. Specifically, the Semiconductor Test segment contributed $883 million to Q4 revenue, fueled by the rising need for testing in areas like High Bandwidth Memory (HBM) and custom ASICs from hyperscalers. Management anticipates this AI-driven momentum to continue, projecting that more than 70% of its Q1 2026 revenue will be related to AI demand.
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Stock Movement Drivers
Fundamental Drivers
The 48.1% change in TER stock from 10/31/2025 to 2/4/2026 was primarily driven by a 48.1% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 2042026 | Change |
|---|---|---|---|
| Stock Price ($) | 181.62 | 269.07 | 48.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,860 | 2,860 | 0.0% |
| Net Income Margin (%) | 15.5% | 15.5% | 0.0% |
| P/E Multiple | 65.0 | 96.3 | 48.1% |
| Shares Outstanding (Mil) | 159 | 159 | 0.0% |
| Cumulative Contribution | 48.1% |
Market Drivers
10/31/2025 to 2/4/2026| Return | Correlation | |
|---|---|---|
| TER | 48.1% | |
| Market (SPY) | 0.6% | 51.0% |
| Sector (XLK) | -8.1% | 55.8% |
Fundamental Drivers
The 150.9% change in TER stock from 7/31/2025 to 2/4/2026 was primarily driven by a 220.9% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 2042026 | Change |
|---|---|---|---|
| Stock Price ($) | 107.24 | 269.07 | 150.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,906 | 2,860 | -1.6% |
| Net Income Margin (%) | 19.9% | 15.5% | -22.0% |
| P/E Multiple | 30.0 | 96.3 | 220.9% |
| Shares Outstanding (Mil) | 162 | 159 | 1.8% |
| Cumulative Contribution | 150.9% |
Market Drivers
7/31/2025 to 2/4/2026| Return | Correlation | |
|---|---|---|
| TER | 150.9% | |
| Market (SPY) | 8.9% | 45.2% |
| Sector (XLK) | 5.3% | 52.6% |
Fundamental Drivers
The 133.4% change in TER stock from 1/31/2025 to 2/4/2026 was primarily driven by a 163.0% change in the company's P/E Multiple.| (LTM values as of) | 1312025 | 2042026 | Change |
|---|---|---|---|
| Stock Price ($) | 115.29 | 269.07 | 133.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,738 | 2,860 | 4.5% |
| Net Income Margin (%) | 18.7% | 15.5% | -17.3% |
| P/E Multiple | 36.6 | 96.3 | 163.0% |
| Shares Outstanding (Mil) | 163 | 159 | 2.8% |
| Cumulative Contribution | 133.4% |
Market Drivers
1/31/2025 to 2/4/2026| Return | Correlation | |
|---|---|---|
| TER | 133.4% | |
| Market (SPY) | 15.0% | 58.8% |
| Sector (XLK) | 20.2% | 61.9% |
Fundamental Drivers
The 168.0% change in TER stock from 1/31/2023 to 2/4/2026 was primarily driven by a 370.7% change in the company's P/E Multiple.| (LTM values as of) | 1312023 | 2042026 | Change |
|---|---|---|---|
| Stock Price ($) | 100.41 | 269.07 | 168.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,308 | 2,860 | -13.6% |
| Net Income Margin (%) | 23.2% | 15.5% | -33.2% |
| P/E Multiple | 20.5 | 96.3 | 370.7% |
| Shares Outstanding (Mil) | 156 | 159 | -1.4% |
| Cumulative Contribution | 168.0% |
Market Drivers
1/31/2023 to 2/4/2026| Return | Correlation | |
|---|---|---|
| TER | 168.0% | |
| Market (SPY) | 75.1% | 60.5% |
| Sector (XLK) | 107.3% | 66.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TER Return | 37% | -46% | 25% | 17% | 54% | 46% | 141% |
| Peers Return | 26% | -27% | 28% | -6% | 20% | 21% | 60% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 84% |
Monthly Win Rates [3] | |||||||
| TER Win Rate | 58% | 50% | 58% | 67% | 67% | 100% | |
| Peers Win Rate | 62% | 35% | 58% | 48% | 60% | 100% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TER Max Drawdown | -13% | -56% | -5% | -12% | -46% | 0% | |
| Peers Max Drawdown | -13% | -44% | -9% | -22% | -35% | 0% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: KEYS, COHU, FORM, ROK. See TER Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/4/2026 (YTD)
How Low Can It Go
| Event | TER | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -57.7% | -25.4% |
| % Gain to Breakeven | 136.2% | 34.1% |
| Time to Breakeven | 1,111 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -41.9% | -33.9% |
| % Gain to Breakeven | 72.1% | 51.3% |
| Time to Breakeven | 77 days | 148 days |
| 2018 Correction | ||
| % Loss | -42.0% | -19.8% |
| % Gain to Breakeven | 72.5% | 24.7% |
| Time to Breakeven | 212 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -83.8% | -56.8% |
| % Gain to Breakeven | 516.2% | 131.3% |
| Time to Breakeven | 818 days | 1,480 days |
Compare to KEYS, COHU, FORM, ROK
In The Past
Teradyne's stock fell -57.7% during the 2022 Inflation Shock from a high on 12/27/2021. A -57.7% loss requires a 136.2% gain to breakeven.
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About Teradyne (TER)
Teradyne, Inc. designs, develops, manufactures, sells, and supports automatic test equipment worldwide. The company operates through Semiconductor Test, System Test, Industrial Automation, and Wireless Test segments. The Semiconductor Test segment offers products and services for wafer level and device package testing in automotive, industrial, communications, consumer, smartphones, cloud computer and electronic game, and other applications. This segment also provides FLEX test platform systems; J750 test system to address the volume semiconductor devices; Magnum platform that tests memory devices, such as flash memory and DRAM; and ETS platform for semiconductor manufacturers, and assembly and test subcontractors in the analog/mixed signal markets. It serves integrated device manufacturers that integrate the fabrication of silicon wafers into their business; fabless companies that outsource the manufacturing of silicon wafers; foundries; and semiconductor assembly and test providers. The System Test segment offers defense/aerospace test instrumentation and systems; storage test systems; and circuit-board test and inspection systems. The Industrial Automation segment provides collaborative robotic arms, autonomous mobile robots, and advanced robotic control software for manufacturing, logistics, and light industrial customers. The Wireless Test segment provides test solutions for use in the development and manufacture of wireless devices and modules, smartphones, tablets, notebooks, laptops, peripherals, and Internet-of-Things devices under the LitePoint brand name. This segment also offers IQxel products for Wi-Fi and other standards; IQxstream solution for testing GSM, EDGE, CDMA2000, TD-SCDMA, WCDMA, HSPA+, LTE, and 5G technologies; IQcell, a multi-device cellular signaling test solution; IQgig test solution; and turnkey test software for wireless chipsets. Teradyne, Inc. was incorporated in 1960 and is headquartered in North Reading, Massachusetts.
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Here are 1-3 brief analogies to describe Teradyne:
- The ASML of semiconductor testing. (Like ASML provides essential equipment for making microchips, Teradyne provides the critical equipment for rigorously testing them to ensure they work.)
- The NVIDIA of collaborative industrial robots. (Similar to how NVIDIA provides the advanced processing power for AI and gaming, Teradyne's robotics division (Universal Robots and MiR) provides leading-edge, user-friendly robots that are essential for a new era of factory automation.)
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- Semiconductor Test Equipment: Provides automated test equipment (ATE) used by integrated circuit manufacturers to test microchips and ensure their quality during production.
- System Test Solutions: Offers test instrumentation and software for evaluating electronic systems and circuit boards across various industries, including defense/aerospace, automotive, and industrial.
- Collaborative Robots (Cobots): Manufactures robots designed to work safely alongside human operators in industrial environments, performing tasks like assembly, polishing, and machine tending.
- Autonomous Mobile Robots (AMRs): Develops self-driving robots for internal logistics, automating the transportation of materials and goods within factories, warehouses, and other facilities.
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Teradyne (symbol: TER) sells primarily to other companies (B2B).
According to Teradyne's recent 10-K filings, no single customer accounted for 10% or more of its net revenues in fiscal years 2023, 2022, or 2021. Therefore, Teradyne does not disclose individual "major customers" by name in its public financial reports based on revenue concentration thresholds.
However, Teradyne serves a diverse global customer base within the semiconductor and industrial sectors. Its customers generally include the following categories of companies:
- Integrated Device Manufacturers (IDMs): Companies that design, manufacture, and sell their own integrated circuits, using Teradyne's test solutions for their products.
- Fabless Companies: Companies that design and sell integrated circuits but outsource their manufacturing to foundries, relying on Teradyne for their test requirements.
- Foundries: Companies that specialize in manufacturing integrated circuits for other companies, utilizing Teradyne's equipment for wafer testing.
- Outsourced Semiconductor Assembly and Test (OSAT) Providers: Companies that offer third-party assembly and test services for integrated circuits, employing Teradyne's test platforms for final product validation.
- Manufacturers of Electronic Systems: Companies that produce various electronic products (e.g., consumer electronics, automotive, communications) and utilize Teradyne's System Test solutions for functional testing of circuit boards and systems.
- Diverse Industrial Customers: Companies across various industries that leverage Teradyne's industrial robotics solutions, including collaborative robots (cobots) from Universal Robots and autonomous mobile robots (AMRs) from MiR, for automation needs.
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Greg Smith, President & CEO
Greg Smith became President and CEO of Teradyne in February 2023. He joined Teradyne's Semiconductor Test Division in 2006. From 2020 to 2023, he served as President of Teradyne's Industrial Automation Group (now Robotics), where he grew revenue by 44%. Prior to that, from 2017 to 2020, he led the Semiconductor Test Division as Division President, overseeing over 50% revenue growth. Before joining Teradyne, Mr. Smith held engineering, marketing, and leadership positions at Raytheon and LTX.
Michelle Turner, Vice President, Chief Financial Officer
Michelle Turner was appointed Teradyne's Chief Financial Officer in November 2025, taking responsibility for the company's finance, information technology, and global infrastructure. She brings 30 years of financial and strategic leadership experience from public companies in the aerospace & defense, industrial, healthcare, and oil & gas industries. Before joining Teradyne, Ms. Turner served as the Chief Financial Officer for L3Harris Technologies. Her previous experience includes senior financial management and leadership roles at Johnson & Johnson, BHP Billiton, Raytheon, and Honeywell.
John Wood, President, Systems Test Group
John Wood serves as the President of the Systems Test Group at Teradyne.
Ujjwal Kumar, Group President, Teradyne Robotics
Ujjwal Kumar holds the position of Group President for Teradyne Robotics.
Jim Mahon, Vice President, Chief Human Resources Officer
Jim Mahon was appointed Teradyne's Chief Human Resources Officer in 2023, overseeing the company's global HR operations. He joined Teradyne in 1980 and progressed through various senior roles in manufacturing, process engineering, marketing, and customer service. Before his current role, Mr. Mahon was General Manager of Teradyne's test service business and was named Vice President of Global Services in 2014.
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The key risks to Teradyne's business (NASDAQ: TER) include the cyclical and volatile nature of the semiconductor industry, ongoing weakness in its Robotics segment, and external pressures from customer concentration, geopolitical tensions, and intense competition.
- Cyclicality and Volatility of the Semiconductor Industry: Teradyne's business is heavily reliant on the semiconductor industry, which is characterized by inherent boom-and-bust cycles and unpredictable demand fluctuations. This dependence on the capital expenditures of semiconductor manufacturers is a constant challenge, as periods of over-supply can significantly impact the company's results.
- Weakness in the Robotics Segment: The company's Robotics division has consistently struggled with weak end-market conditions, posing a risk to Teradyne's diversification strategy and overall growth prospects. The segment has faced cyclical headwinds, particularly in industrial automation, and weak economies, which have impacted its performance.
- Customer Concentration, Geopolitical Tensions, and Intense Competition: Teradyne faces significant risks due to a high concentration of revenue from a small number of major customers, making it vulnerable to changes in their capital spending plans or shifts to competitors. Furthermore, its global operations, particularly in China, are exposed to geopolitical risks, trade regulations, and export controls, which can lead to increased costs and limited sales. The expanding AI chip market also brings intensified competition from rivals like Advantest, which could restrict Teradyne's market share growth and necessitate substantial ongoing investment in research and development, potentially impacting profit margins.
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Intensifying competition in the collaborative robot (cobot) and autonomous mobile robot (AMR) markets, where Teradyne's Universal Robots and MiR brands operate. This segment, while growing, is attracting a rapidly expanding number of established automation giants (e.g., ABB, KUKA, Fanuc) and numerous new startups. These competitors are investing heavily in R&D, developing alternative solutions, and in some cases, offering lower-cost options, potentially eroding Teradyne's pioneering market share and profitability in these key growth areas.
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Teradyne (symbol: TER) operates in several key markets. The addressable market sizes for its main products and services are as follows:
- Semiconductor Test Systems: The global semiconductor test equipment market, a primary area for Teradyne, was valued at approximately USD 8.65 billion in 2025, specifically for SoC (System on Chip) and Memory Testers. Other estimates place the global semiconductor test equipment market at USD 15.11 billion in 2025, projected to reach USD 20.42 billion by 2030 with a CAGR of 6.20%.
-
Robotics (Collaborative Robots and Autonomous Mobile Robots):
- Collaborative Robots (Cobots): The global collaborative robot market was estimated at USD 3.7 billion in 2024 and is expected to grow significantly to USD 60.3 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 36.47% during the forecast period from 2025 to 2033. Another source valued the global collaborative robot market at USD 1.9 billion in 2025, with a forecast to reach USD 4.88 billion by 2030, advancing at a 20.76% CAGR.
- Autonomous Mobile Robots (AMRs): While a specific global market size for AMRs was not distinctly provided, Teradyne's offerings in this space contribute to the broader industrial automation market. The global industrial automation and control systems market was estimated at USD 206.33 billion in 2024 and is projected to reach USD 378.57 billion by 2030, growing at a CAGR of 10.8% from 2025 to 2030.
- Wireless Test Systems (LitePoint): The global wireless testing market was valued at USD 22.64 billion in 2024 and is projected to grow from USD 24.58 billion in 2025 to USD 34.13 billion by 2029, at a CAGR of 8.6% during the forecast period. Another estimate indicates the global wireless testing market size was calculated at USD 25.07 billion in 2025 and is forecasted to reach around USD 51.17 billion by 2034, accelerating at a CAGR of 8.25% from 2025 to 2034.
- Defense/Aerospace Test Systems and Circuit-Board Test and Inspection Systems: null
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Teradyne (TER) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:
- Strong AI-Related Demand in Semiconductor Test: Teradyne anticipates robust demand from artificial intelligence (AI) applications within the semiconductor test market. This growth is expected across compute, networking, and memory segments, particularly for System-on-a-Chip (SoC) solutions and High Bandwidth Memory (HBM) utilized in AI hardware. The company's Q3 2025 revenue growth was primarily driven by AI demand in semiconductor tests.
- Verticalization Trends: Verticalization is identified as a primary growth driver for Teradyne in 2026 and beyond. This trend, where companies integrate more of their supply chain or design processes, is expected to increase demand for Teradyne's specialized test equipment.
- Growth in Semiconductor Test Total Addressable Market (TAM) and Market Share Expansion: Analysts project an acceleration in the semiconductor test total addressable market (TAM) in 2025 and 2026. Teradyne is positioned to gain market share, especially in areas such as verification IP ASIC and high bandwidth memory, which will contribute to its revenue growth.
- Electrification in Automotive and Other Industries: The broader trend of electrification, particularly within the automotive sector, is expected to be a long-term revenue driver for Teradyne. Despite current weaknesses in the Auto/Industrial market, this area represents a significant future opportunity.
- Robotics Segment Recovery and New Technology Expansion: Although the Robotics segment has faced some challenges, strategic restructuring efforts are underway to improve its future performance. Additionally, Teradyne is expanding its capabilities into emerging technologies like silicon photonics and electro-optical test solutions, which are expected to contribute to future growth.
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Share Repurchases
- Teradyne announced a $2 billion share repurchase program in February 2023.
- The company authorized a new equity buyback plan for $1 billion on April 28, 2025, with an expected completion by the end of 2026.
- Over the last five years, Teradyne has spent more than $2 billion on buybacks, significantly reducing its share count.
Share Issuance
- While specific gross dollar amounts of shares issued are not readily available, Teradyne regularly grants Restricted Stock Units (RSUs) and stock options to employees as a form of equity compensation.
- The company's shares outstanding have shown a declining trend in recent years, indicating that share repurchases have outweighed new issuances.
Outbound Investments
- In March 2025, Teradyne acquired Quantifi Photonics, a manufacturer of optical test and measurement solutions.
- Teradyne Ventures, backed by Teradyne Robotics, operates as a strategic investing partner for advanced robotics technology companies.
- Net acquisitions/divestitures for the twelve months ending June 30, 2025, amounted to $19 million.
Capital Expenditures
- Teradyne's capital expenditures for the latest twelve months ending June 2025 were $223.7 million.
- Capital expenditures averaged $167.7 million for the fiscal years ending December 2020 to 2024, peaking at $223.7 million in June 2025.
- The primary focus of capital investments includes significant investments in the FLEX Test Platform Architecture to enhance efficiency for semiconductor manufacturers, and research and development (R&D) to capture new customers in the compute market and advance optical networking tests.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 221.60 |
| Mkt Cap | 38.1 |
| Rev LTM | 2,860 |
| Op Inc LTM | 539 |
| FCF LTM | 457 |
| FCF 3Y Avg | 427 |
| CFO LTM | 675 |
| CFO 3Y Avg | 611 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.3% |
| Rev Chg 3Y Avg | -0.5% |
| Rev Chg Q | 10.3% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Mgn LTM | 16.3% |
| Op Mgn 3Y Avg | 16.7% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 18.5% |
| CFO/Rev 3Y Avg | 14.7% |
| FCF/Rev LTM | 16.0% |
| FCF/Rev 3Y Avg | 12.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 38.1 |
| P/S | 7.1 |
| P/EBIT | 45.0 |
| P/E | 55.6 |
| P/CFO | 31.3 |
| Total Yield | 1.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.0% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 14.2% |
| 3M Rtn | 19.2% |
| 6M Rtn | 52.2% |
| 12M Rtn | 61.6% |
| 3Y Rtn | 56.1% |
| 1M Excs Rtn | 14.4% |
| 3M Excs Rtn | 18.6% |
| 6M Excs Rtn | 46.1% |
| 12M Excs Rtn | 46.4% |
| 3Y Excs Rtn | -8.7% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Semiconductor Test | 1,957 | 2,081 | 2,642 | 2,260 | 1,553 |
| Robotics | 375 | 403 | 376 | 280 | 298 |
| All Other | 344 | ||||
| Corporate And Eliminations | 0 | 0 | -1 | -1 | |
| System Test | 469 | 468 | 410 | 287 | |
| Wireless Test | 202 | 217 | 173 | 157 | |
| Total | 2,676 | 3,155 | 3,703 | 3,121 | 2,295 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Semiconductor Test | 1,389 | 1,383 | 1,246 | 1,070 | 785 |
| Corporate And Eliminations | 1,170 | 1,193 | 1,584 | 1,624 | 1,102 |
| Robotics | 737 | 666 | 701 | 713 | 672 |
| All Other | 191 | ||||
| System Test | 166 | 171 | 138 | 131 | |
| Wireless Test | 94 | 108 | 106 | 97 | |
| Total | 3,487 | 3,501 | 3,809 | 3,652 | 2,787 |
Price Behavior
Price Behavior
| Market Price | $269.07 | |
| Market Cap ($ Bil) | 42.7 | |
| First Trading Date | 03/11/1987 | |
| Distance from 52W High | -4.9% | |
| 50 Days | 200 Days | |
| DMA Price | $210.84 | $136.59 |
| DMA Trend | up | up |
| Distance from DMA | 27.6% | 97.0% |
| 3M | 1YR | |
| Volatility | 54.4% | 60.5% |
| Downside Capture | 177.76 | 169.44 |
| Upside Capture | 379.74 | 237.18 |
| Correlation (SPY) | 48.4% | 58.7% |
TER Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.12 | 2.70 | 2.82 | 2.52 | 1.87 | 1.91 |
| Up Beta | 1.09 | 0.80 | 1.21 | 0.73 | 1.52 | 1.58 |
| Down Beta | 1.16 | 2.08 | 2.89 | 2.82 | 2.11 | 1.90 |
| Up Capture | 558% | 576% | 524% | 661% | 526% | 1896% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 14 | 27 | 38 | 76 | 134 | 384 |
| Down Capture | 104% | 199% | 227% | 181% | 138% | 112% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 6 | 14 | 23 | 49 | 117 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TER | |
|---|---|---|---|---|
| TER | 144.1% | 60.3% | 1.70 | - |
| Sector ETF (XLK) | 22.0% | 27.1% | 0.71 | 61.8% |
| Equity (SPY) | 15.9% | 19.2% | 0.64 | 58.7% |
| Gold (GLD) | 76.1% | 24.5% | 2.27 | 8.8% |
| Commodities (DBC) | 9.3% | 16.5% | 0.36 | 28.1% |
| Real Estate (VNQ) | 4.6% | 16.5% | 0.10 | 27.0% |
| Bitcoin (BTCUSD) | -24.7% | 40.5% | -0.60 | 21.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TER | |
|---|---|---|---|---|
| TER | 18.0% | 47.5% | 0.51 | - |
| Sector ETF (XLK) | 16.8% | 24.7% | 0.61 | 70.5% |
| Equity (SPY) | 14.2% | 17.0% | 0.66 | 65.3% |
| Gold (GLD) | 21.5% | 16.8% | 1.04 | 12.7% |
| Commodities (DBC) | 12.1% | 18.9% | 0.52 | 16.6% |
| Real Estate (VNQ) | 5.0% | 18.8% | 0.17 | 37.3% |
| Bitcoin (BTCUSD) | 18.0% | 57.4% | 0.52 | 25.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TER | |
|---|---|---|---|---|
| TER | 30.5% | 42.9% | 0.77 | - |
| Sector ETF (XLK) | 22.8% | 24.2% | 0.86 | 69.9% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 65.0% |
| Gold (GLD) | 15.6% | 15.5% | 0.84 | 7.9% |
| Commodities (DBC) | 8.3% | 17.6% | 0.39 | 21.2% |
| Real Estate (VNQ) | 5.9% | 20.8% | 0.25 | 39.5% |
| Bitcoin (BTCUSD) | 69.3% | 66.5% | 1.09 | 17.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/3/2026 | 13.4% | ||
| 10/29/2025 | 20.5% | 21.7% | 24.3% |
| 7/30/2025 | 18.9% | 18.1% | 29.2% |
| 4/29/2025 | -2.5% | -1.8% | 4.6% |
| 1/30/2025 | -5.7% | -7.7% | -9.9% |
| 10/24/2024 | -11.0% | -12.0% | -15.2% |
| 7/25/2024 | -13.4% | -8.6% | -8.6% |
| 4/25/2024 | 8.2% | 12.9% | 39.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 11 |
| # Negative | 14 | 13 | 12 |
| Median Positive | 5.8% | 4.1% | 18.1% |
| Median Negative | -3.3% | -6.2% | -6.3% |
| Max Positive | 20.5% | 21.7% | 39.4% |
| Max Negative | -22.4% | -18.2% | -16.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Johnson, Mercedes | Direct | Sell | 1062026 | 211.85 | 625 | 132,406 | 1,745,220 | Form | |
| 2 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 12152025 | 201.31 | 1,108 | 223,051 | 18,804,165 | Form |
| 3 | Johnson, Mercedes | Direct | Sell | 12082025 | 200.00 | 625 | 125,000 | 1,772,600 | Form | |
| 4 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 11142025 | 180.20 | 1,108 | 199,662 | 17,031,962 | Form |
| 5 | Johnson, Mercedes | Direct | Sell | 11072025 | 177.05 | 625 | 110,656 | 1,679,850 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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